QIA announced on Tuesday that Qatar Investment Authority (QIA), the sovereign wealth fund of the Gulf state, and Goldman Sachs Asset Management have entered a memorandum of understanding to develop their strategic relationship with a target of up to $25 billion in investments.
In an agreement, QIA intends to invest a total amount of $25 billion in funds managed by Goldman Sachs Asset Management and related co-investment opportunities.
The sovereign fund will serve as an anchor investor in a range of Goldman Sachs’ flagship and innovative strategies. QIA claimed that it will assist Goldman Sachs in both current business segments and in emerging business prospects, such as direct investments.
The two institutions are also going to improve collaboration on strategic advisory services, capital formation, mergers and acquisitions, and the development of the Qatar economy and capital markets.
QIA Chief Executive Mohammed Saif Al Sowaidi stated that the transaction expands upon a longstanding cooperation and offers an access point to further investment in areas like artificial intelligence, fintech, digital infrastructure, and private credit.
Goldman Sachs CEO David M. Solomon remarked that the expanded partnership will strengthen Doha as a regional financial center and open up opportunities to strengthen the firm’s engagement with partners around the world.
Under the deal, Goldman Sachs will expand its workforce in Doha, making the office a strategic regional asset management center. The agreement also envisions cooperation in the initiatives to support national development goals and attract foreign direct investment.
Goldman Sachs Asset Management manages a wide range of assets, such as credit, infrastructure, and real estate, as well as private equity, and QIA is one of the largest sovereign wealth funds in the world.
